October Home Sales Report: New Listings Increase, Pending Sales Shrink Slightly

Thursday, November 15, 2018 - by Geoff Ramsey, president, Greater Chattanooga Realtors

If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018, and this is normal for the Greater Chattanooga market. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory, and prices.

 

New Listings in the Chattanooga region increased 15.5 percent to 1,171, which is an encouraging sign after last month’s reported -6.7 percent.

Year-to-date New Listings are up 3.8 percent.

 

Pending Sales shrank slightly and were down 1.9 percent to 829. Year-to-date Pending Sales are up 2.4 percent. Closed sales rose again this month by 5.3 percent to 860 and year-to-date up 2.6 percent.

 

Inventory levels shrank 5.9 percent to 2,963 units. Days on Market was down 12.7 percent to 48 days and year-to-date down 15.3 percent. However, Sellers were encouraged as Months Supply of Inventory was down 7.9 percent to 3.5 months. While still lower than ideal, this slight drop in Months Supply of Inventory is the only month-to-month change in the single digits our region has seen in more than a year.

 

Prices continued to gain traction. The Median Sales Price increased 4.2 percent to $184,000. The Average Sales Price increased 1.2 percent to $213,306. The gradual, continued price increases are a result of low inventory, which can trigger multiple offers in some areas. Plus, the local market is holding steady at a mid- to upper-95 Percent of Original List Price Received.  

 

In October, stock markets experienced a setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This news is exceptional for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.


5-Story Assisted Living Facility Planned For Portion Of Former Casey Property On Manufacturers Road

Robinson Team Awards Donation To McKamey Animal Center

Real Estate Transfers For Feb. 7-13


A five-story assisted living facility is planned on a portion of the former B. Allen Casey property on Manufacturers Road. The Form Based Code Committee approved the project on Thursday. ... (click for more)

Jay Robinson and members of the Robinson Team of Keller Williams announce the conclusion of their ‘Paws for a Cause’ initiative, which awards a percentage of each closing to a local charity. ... (click for more)

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)


Real Estate

5-Story Assisted Living Facility Planned For Portion Of Former Casey Property On Manufacturers Road

A five-story assisted living facility is planned on a portion of the former B. Allen Casey property on Manufacturers Road. The Form Based Code Committee approved the project on Thursday. The site that is across the river from Ross's Landing was long tied up in bankruptcy. (click for more)

Robinson Team Awards Donation To McKamey Animal Center

Jay Robinson and members of the Robinson Team of Keller Williams announce the conclusion of their ‘Paws for a Cause’ initiative, which awards a percentage of each closing to a local charity. The most recent effort yielded a $2,400 donation to McKamey Animal Center on behalf of the entire Robinson Team. ` “We are thrilled to make this donation to McKamey Animal Center - they ... (click for more)

Breaking News

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A man in his 20s was in critical condition after a shooting at a Hixson apartment complex on Tuesday afternoon. The incident happened at River City North Apartments in the 3800 block of Hixson Pike. The victim was taken to the hospital in an ambulance. (click for more)

Opinion

Heavy Rains Are Coming In The Next Few Days

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The $500,000 Tax Money Giveway

Mayor Berke, On September 5, 2017, you asked and were granted a 22-cent property tax increase for city government operations and a capital fund. At the meeting, the City Council approved your proposal for the property tax increase of 22 cents per $100 of property assessment. As a result, every business, home owner, and property owner had one-month notice that their local property ... (click for more)